One of the most prominent crypto-asset managers “Grayscale” has been making a lot of progress with respect to Bitcoin (BTC) accumulation. According to the reports, the platform has been accumulating a lot of Bitcoin (BTC) ever since the year started.
The reports show that since January 13, 2021, Grayscale has amassed a total of 40,000 Bitcoin (BTC). At the time of publishing, this volume of Bitcoin (BTC) translates to $1.50 billion and this progress is just in the matter of 16 days.
One of the most notable analysts who collected the data around the volume and shared it with the cryptocurrency community is Rafael Schultze-Kraft. Rafael Schultze-Kraft is the chief technology officer at Glassnode, which is a crypto analytics firm.
The Glassnode CTO stated that since the beginning of the year, only 26,000 Bitcoin (BTC) have been mined into existence. This goes onto to prove that Grayscale has become really hot at buying Bitcoin (BTC). By purchasing 40,000 Bitcoin (BTC) since the 13th of January, Grayscale has proved that it has purchased more BTC than what has been mined so far.
With respect to a percentage, Bitcoin (BTC) has purchased 54% Bitcoin (BTC) faster than it has been mined and supplied since the beginning of the year 2021.
However, the records show that the vast majority of the BTC purchase made by Grayscale was observed in the last 16 days. This means that the purchase rate showed by Grayscale is 170% more than the mining rate for the same period.
According to analysts, Grayscale will continue its activities for purchasing Bitcoin (BTC) at such a high pace. The main reason why Grayscale is doing this is because of the surge in prices that it is observing for Bitcoin (BTC).
Based on the above factors, the analysts are predicting that if Grayscale keeps amassing Bitcoin (BTC) at the same rate, it will soon have a huge amount of Bitcoin (BTC) under its possession.
It is predicted that if Grayscale keeps at it, then it will have accumulated a total of 912,500 BTC by the end of the year 2021. The 912,500 BTC figure would translate into 5% of the total circulating volume of BTC in the entire crypto-industry.
According to the figures, Grayscale had made a purchase of a total of $5 billion worth of Bitcoin (BTC) in the year 2020. The firm reportedly accumulated an average of $251 million on a weekly basis for the fourth quarter of 2020. As of now, the total assets under management for Grayscale are more than $22 billion.
It has been rumored that Grayscale has been carrying out BTC purchases to fluctuate the price of Bitcoin (BTC) in the entire cryptocurrency market. Grayscale’s recent purchases are one of the reasons that Bitcoin (BTC) has started gaining 20% in value within 48 hours.